-take-all effect is dominant early in the market. During this period, when Bitcoin becomes more valuable against the U.S. dollar, it … later period are consistent with the use of cryptocurrencies as financial assets (popularized by Bitcoin), and not …

Can Bitcoin remain tamper proof in the long run? We use block-level data from the Bitcoin blockchain to estimate the … identify an aggregate demand curve for bitcoin transactions. We find that Segwit has reduced fee revenue by about 70%. Fee …

We develop a tractable model of Bitcoin adoption with network effects and social learning, which we then connect to … unique data from the Bank of Canada's Bitcoin Omnibus Survey for the years 2017 and 2018. The model determines how the … probability of Bitcoin adoption depends on (1) network effects; (2) individual learning effects; and (3) social learning effects …

We estimate the effect of Bitcoin ownership on the level of cash holdings of Canadian consumers. Bitcoin ownership … average, Bitcoin owners hold 83 percent (in 2018) to 95 percent (in 2017) more cash than non-owners. Focusing on the quantiles … of cash holdings, we find that Bitcoin ownership has a highly nonlinear effect. For example, the difference in cash …